Special Commemorative Coin Released on MDL Shipyard 250th Anniversary

Defence Secretary Giridhar Aramane unveiled a commemorative Rs 250 coin during the celebration of the 250th anniversary of Mazagon Dock Limited (MDL) in New Delhi on May 14, 2024. The event, hosted by MDL, commemorated its evolution from a dry dock in 1774 to a premier naval shipyard under the Ministry of Defence.

About MDL

Established as a dry dock in 1774 in Mazagon, Mumbai, MDL became a private limited company in 1934 and was nationalized in 1960. It holds Mini-Ratna 1 status since 2006 and specializes in building warships, submarines, and other vessels for the Indian Navy and Coast Guard. Notably, MDL has constructed 27 warships, 7 submarines, and various other vessels since 1960.

Recent Achievements

1. Midget Submarine Arowana: MDL unveiled the platform design and hull of the indigenous midget submarine Arowana, serving as a technology demonstrator for future submarine designs. The successful development of Arowana could lead to the construction of a full-fledged conventional submarine for the Indian Navy by 2028.

2. Solar Electric Hybrid Boat: In collaboration with private companies, MDL introduced a Solar Electric Hybrid boat with impressive features, including a top speed of 11 knots, significantly reduced running costs compared to diesel boats, and minimal maintenance requirements.

3. Fuel Cell Electric Ferry SUCHI: MDL launched the 24-passenger Fuel Cell Electric Ferry named ‘SUCHI,’ designed to operate as a zero-pollution vehicle with low acoustic signatures, contributing to environmental conservation and pollution-free waterway transportation.

Issuing of Coins in India

Coinage Authority: The Government of India holds the authority to issue coins and Re 1 notes under the Coinage Act 1906, while the Reserve Bank of India (RBI) is responsible for circulating coins minted by the government through banks. The RBI, under the Reserve Bank of India Act 1934, issues currency notes ranging from Rs 2 to Rs 10,000.

Minting Process

Coins in various denominations are minted by the Government of India at facilities located in Mumbai, Alipore (Kolkata), Hyderabad, and NOIDA (Uttar Pradesh).

Commemorative Coins

Commemorative coins, bearing unique designs to mark special events, are issued by the Government of India. These coins are primarily for collection purposes and are not considered legal tender unless notified by the government. The tradition of issuing commemorative coins in India dates back to 1964, with the release of a coin featuring Jawaharlal Nehru to commemorate his birth anniversary.